Max Ventures and Industries has received an approval for further investment / loan in Max Estates (MEL), a wholly owned subsidiary of the company. MEL shall utilize the aforesaid funds for acquisition of around 85.17% equity share capital of Pharmax Corporation (Pharmax), from Max India, another Max Group Company for an aggregate consideration of Rs 61.2 crore.
Consequent to the completion of the acquisition, Pharmax shall become a step down subsidiary of the company. The Board of Directors of the company at its meeting held on June 26, 2019 has considered and approved the same.
Max Ventures and Industries, a part of the $3 billion Max Group, operates primarily in the areas of manufacturing and real estate.